4 Trends That Are Helping Small Businesses Succeed

Today’s business environment is transforming from the big-company dominant landscape of the past. Evolution in businesses and shifts in the industry lead to trends in both hiring and the way people work. Software company Intuit,maker of QuickBooks, Turbo Tax, Mint and other accounting software, is out with its Future of Small Business Report. This report shows that economic changes, coupled with technology, mean small businesses can compete with the big guys in ways they never could before.

Alex Hood, VP of product management for small business at Intuit, outlined some of the trends below.

1. Growth in small businesses

The number of single-person businesses has grown by 50 percent and projections show that will only increase over the next 10 years, according to the report. However, the average size of a small business has shrunk by nearly 20 percent. In fact, over the last 14 years, they’ve seen a decline in the average size of small businesses, down from six and a half employees to 4.

Why is that important? It means small businesses are getting smaller and nimbler, helping them to become more productive and affording them advantages that previously were only available to larger businesses. So, that one position that opens up needs to be filled by someone with not only the skills and experience needed, but someone who can fill many different roles at once.

2. 1099’ers and the self-employed

That leads to the number of people who aren’t taking full-time positions, instead preferring the so-called ‘gig economy.’

“We’re seeing a rise of self-employed or contingent workers, or 1099’ers, who are working for small businesses, being a much greater share of what’s driving the economy,” says Hood. More small businesses are relying heavily on a flexible workforce which is something millennials enjoy, explains Hood.

“Millennials don’t like to be tied down, they like to hop from opportunity to opportunity and see themselves as more independent. It’s a different mindset, especially in Silicon Valley where startups try to conserve as much cash as possible. Millennials enjoy hopping in and out of the gig economy and are more comfortable with gaps between gigs.”

3. Cloud advantage

Successful small businesses today have the advantage of technology and tools that let them scale as they need to. “The cloud’s impact on small business can’t be overstated,” says Hood. “You can run your small business from a mobile application like QuickBooks and then be at the site of your client and hop in the elevator and send them the invoice. Then they get it in their email as you’re walking out to your car, hit the paid button and then by the time you’re back at the office and you look at your computer, your payment’s already been deposited.”

That electronic cloud-based workflow makes the pace of small business easier and helps small business owners get work done when and where they need to, whether that’s standing in line at Starbucks or at the playground with their kids.

4. Rise in apps

One more area for anticipated growth is app development with tech-savvy businesses integrating apps in record numbers. Intuit’s “2016 Appification of Small Business Report”reveals a huge opportunity for small business app developers. The study shows 64 percent of small businesses run in the cloud with 68 percent using apps and 66 percent using a smartphone. “These small businesses owners are seeing – and experiencing – the long-term effect of mobile and Web-based apps on their bottom line, allowing them to focus on growing their business.”

If you’re looking for a job in tech, mobile apps development, machine learning and app design, small businesses are a great opportunity. Silicon Valley is a hot place for engineers and software designers right now, especially those with the right skills, flexibility and a fondness for the gig economy.